V EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
EV/EBITDA History
Historically priceyAbove avgAround avgBelow avgHistorically cheap
V EV/EBITDA by year
Yearly range of V’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 18.9 to 35.7, averaging 25.0.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 20.6 | 22.8 | 26.2 | 23.5 |
| 2025 | 23.9 | 26.4 | 28.9 | 25.7 |
| 2024 | 21.0 | 23.5 | 25.5 | 24.7 |
| 2023 | 21.1 | 23.4 | 25.1 | 23.9 |
| 2022 | 19.6 | 23.6 | 27.8 | 22.9 |
| 2021 | 24.1 | 31.2 | 35.7 | 25.6 |
| 2020 | 19.0 | 27.7 | 32.7 | 32.7 |
| 2019 | 21.0 | 25.3 | 27.3 | 26.2 |
| 2018 | 20.7 | 23.4 | 26.3 | 21.7 |
| 2017 | 18.9 | 22.2 | 24.9 | 21.7 |
| 2016 | 21.7 | 23.3 | 24.4 | 22.4 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
Formula
(Market Cap + Net Debt) / EBITDAHow to read this chart
Unlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
Key caveats
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Pro — up to 30-year history
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.